A mere 30 years ago, consumers carried their cash in wallets and other forms of money bags everywhere. If one forgot his/her wallet at home, they would be distraught and often have to borrow cash from colleagues. A decade later came the ATM cards, and consumers collectively breathed a sigh of relief. Consumers only had to remember a short pin code to pay for their transactions or get money from their banks. This solution came with its problems too. Forgotten pins, extended time periods swapping the card or forgetting it entirely at home. PSI-Pay, however, has come to the rescue of consumers.
Consumers are already excited at the prospect of not having to memorize pins or continuously swerve a card that is defective. The new technology involves the use of a ring or mobile phone to make a payment, borrow, deposit or withdraw cash fast and conveniently. The advantage to this new method is that most people do not take off their rings and no one could ever forget their phone in today’s world.
Reasons why PSI-Pay is a Consumer’s Best Friend
The technology is contactless; meaning it saves more time. The technology uses Near-field communication (NFC), helping consumers get service with just a tap from their ring or smartphone to an electronic device. Contactless payments will ensure that people evade queuing or waiting for attendants to swipe cards. It is comfortable and as effortless as ABC and with just a tap; one gets service in seconds. The transactions are made secure by short-range communication; no illegitimate connections are approved. The rings can be turned on and off after each transaction. A banking app where one can make a follow up of their bank accounts is also available and they can effortlessly download it on their smartphones.
All about PSI-Pay
PSI-Pay believes in partnerships that offer solutions and for this reason, has partnered with companies like Kerv to make the contactless payment ring and MasterCard to improve consumer satisfaction. These partnerships ensure that innovation continuously makes alternative payments possible. Consumers are already asking for an increase on the thirty pound, a factor that shows that they already trust the system and are excited about what is offered. The world is excited for the first ever invention of wearable technology in a ring. The future promises limitless innovations in pay-on-the-move.